The underwater animated hit from 1989 was the fourth and final 3-D re-release for which Disney announced plans in late 2011 after "The Lion King" proved a surprise hit in the format, grossing nearly $100 million in the U.S. and Canada.

But "The Lion King" turned out to be an anomaly, as the three follow-ups grossed far less. "Beauty and the Beast" took in $47.6 million last January, "Finding Nemo" $40.7 million in September, and "Monsters, Inc." only $30.5 million since its Dec. 19 release.

Though 3-D conversions cost only a few million dollars each, those weak box office performances are not enough for Disney to justify the marketing expense of a nationwide release.

Disney had already begun work on the 3-D conversion of "The Little Mermaid" in November, the studio's animation chief creative officer, John Lasseter, said in an interview at the time.